I tend to go with more natural finishes, but because I am still at an early portion of the learning curve, I'm experimenting w. everything, and haven't really settled on any one method. Part of my predilection is that I intend most of what I make for rougher outdoor use.
Currently, my practice is to smooth to 1200 grit. If the grain could use some enhancement, I add some coloration. I've been happy w.a brand of wood dye called TransTint. It comes in a variety of colors, some subtle, others garish. They can be mixed w. alcohol, which reduces the chance of raising the wood grain. They can be mixed very dilute, and applied with multiple coats to reach varying levels of tint that are fairly subtle.
I'm happy w. the finish I get from several coats Tung oil, and have started experimenting w. final coats of shellac. I've also tried A Carnauba based wax finish. It polishes up very nicely, and I hope it proves to be durable.
I did try applying gold leaf once on a picture frame. The underlying color was from a reddish clay. A conservator allowed me to try my hand, and tho I was fairly dexterous at the time, I could not get the hand of draping the leaf onto the frame. That dissuaded me from further attempts. When I had to touch up frames, I used a thick varnish which was a fairly deep red brown, mixed with various colors of metal powder. I've tried that for decoration on a few sticks, but it is not as smooth or elegant as it should be. There are also gilding touch up mixtures that are wax based. They are easier to use than the varnish and powder mix. They also buff up nicely. I don't know that they would withstand outdoor exposure, or rough use.
A few years before I left the museum, there was a very generous donation of hundreds of African artifacts. Among them were a number of "authority staffs." Mostly used ceremonially, rather like a ruler's sceptre, but often taller than a man, they were often highly decorated w. patterns produced by fairly simple tools. Some were studded w. metal beads, and/or glass beads. They made quite an impression on me. More recently, I visited collections of North West American native carvings. Not many sticks. Typically, the low relief carving is colored simply, but I also came across several that were inlaid w. nacreous shell. Very striking.
I've tried some bead inlay, and have inserted some bits of rock. Have yet to try metal. I'm very uncertain about the durability, but have learned that if they items are not smoothly inset, my hand becomes quite irritated during longer walks.